Summary: Cass County, Michigan Mason And Ontwa Townships; General Obligation; Miscellaneous Tax Mar 12

Standard & Poors, March 2012

Abstract
Standard & Poor's Ratings Services has assigned its 'AA' long-term rating to Cass County, Mich.'s series 2012 limited-tax general obligation (GO) sewage disposal system refunding bonds (Painter, Juno, and Christiana Lakes Area), issued on behalf of Mason and Ontwa townships. At the same time, Standard & Poor's affirmed its 'AA' long-term rating and 'AA' underlying rating (SPUR) on the county and Cass County Building Authority's previously issued GO debt. The rating outlook is stable. The rating reflects our assessment of the county's: Proximity to labor markets in South Bend and Elkhart Ind. as well as Kalamazoo, Mich.; Very strong reserve levels, with added liquidity in the delinquent tax revolving fund and budget stabilization funds; and Low to moderate debt levels....

Companies mentioned in this report are:
- Cass Cnty
- Mason
- Cass Cnty Bldg Auth

Action: Affirmed
Action: New Rating
Action: Outlook: Stable

Standard and Poors RatingsXpress Credit Research provides in-depth coverage of international corporates, financial institutions, insurance companies, utilities, sovereigns and structured finance programs. RatingsXpress Credit Research lets users determine the credit rating of holdings and identify key factors underlying an issuer's creditworthiness, distinguishes the different risk exposures for new and existing deals, and provides an understanding of how their analysts interpret key regulatory, political and environmental events and their economic impact.

This product consists of a Summary Analysis: Bi-annual (at least). An abbreviated analysis containing Standard & Poor's issuer credit ratings as of the time the article was published. The analysis includes a rating rationale - the basis on which the rating was assigned - and an outlook section if the issuer is not on CreditWatch. Financial statistics are not included.

- Cass Cnty
- Mason
- Cass Cnty Bldg Auth

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